Oil prices rise as trade war fears ease, Brent nears USD 75.50

Oil prices are rising today on global markets and in the afternoon were on track to break a three-week losing streak. They are being supported by easing concerns about a trade war and rising demand for fuel.

At around 16:00 CET, North Sea Brent crude was up 0.6 percent, trading below USD 75.50 a barrel. US light crude West Texas Intermediate (WTI) was up about 0.4 percent, trading near USD 71.60 a barrel. Both grades are up about one percent for the week.

The United States’ plans for worldwide reciprocal tariffs are not expected to take effect before April. This could provide more time to avert a trade war, Reuters reports.

US President Donald Trump and his Russian counterpart Vladimir Putin spoke by phone on Wednesday evening about options for ending the war in Ukraine. If peace talks were successful, however, they could also lead to an easing of sanctions on Russia, and thus to Russian oil returning to Western markets.

According to Jun Rong Yeap, an analyst at IG, oil is being supported by the prospect of a delay to US tariffs. “Oil price gains may nevertheless be limited, as market participants need to digest the prospect of Russian supplies returning to the market amid possible peace talks between Ukraine and Russia,” the analyst said.

Oil prices in dollars per barrel (about 159 litres):